Forklift is an industrial vehicle which has a forked platform attached at the front side of the vehicle. The forked platform is used to move cargo or any material up and down and to transport it for a short distance. Forklifts have a number of applications in various industries such as automotive, building & construction, steel, and also in warehouses and other large storage facilities. A forklift can be electric, petrol, LPG or diesel powered. Generally, an electric forklift is used for indoor activity due to no emission whereas diesel is used a forklift for used for the outdoor and all-terrain activity.

Global forklift market is expected to witness a significant growth during the forecast period. Factors which are augmenting the market include rising applications of a forklift in manufacturing and warehouse facilities coupled with significant growth in automotive and steel industries across the globe. For instance, on the basis of unit sales, the automotive industry is showing a growth of 4-5% annually around the globe. Due to this, manufacturing and assembly unit of vehicles along with their parts is increasing and so may the use of forklifts. The forklift can perform some additional function along with lifting and transporting cargo such as removing snow, lifting individuals and so forth which further support its adoption in snowy countries. Increasing adoption of electric forklifts is also one of the major factors for augmenting the market growth in future. Moreover, multi-functionality of the forklifts can be another factor that may spur its usage in various verticals. However, there are some factors such as the high cost of battery operated and fuel cell forklifts, and availability of forklift alternatives may hamper the market growth in the forecast period. Besides these, rapidly emerging e-commerce sector across the globe can provide a lucrative opportunity to the global forklift market.

Additionally, the global forklift market is segmented on the basis of type and applications. On the basis of types, the market is segmented into an electric forklift, internal combustion forklift, and automated guided forklift. Electric forklift market is expected to contribute significant market share owing to their lower maintenance cost and on-road price as compared to IC forklifts. By application industry, the market is segmented into the manufacturing industry, construction, freight & logistics and other applications such as wood industry, warehousing, and commercial stores. The manufacturing industry is expected to have a major market share due to the high application of forklift across the globe. Commercial stores will observe a significant growth rate due to the rising number of store chain such as Walmart, target among others in emerging economies across the globe.

On the basis of geography, the global forklift market is divided into North America, Europe, Asia-Pacific and Rest of the World. It is expected that the Asia-Pacific region will hold a significant market during the forecast period. Major contributing regions in the Asia-Pacific forklift market include China, India, Japan, Indonesia, and South Korea. It is expected that the Asia-Pacific market will also show the highest growth rate during the forecast period owing to significant growth in the construction, automotive, steel and other manufacturing industry in the region. North America and Europe are also expected to have a significant market due to well-developed industries along with higher adoption of forklifts in these regions.

Some of the key players operating in the global forklift market include Deere & Co., Doosan Corp., Hitachi Construction Machinery Co., Ltd., Hyundai Construction Equipment Co., Ltd., Mitsubishi Nichiyu Forklift Co., Ltd., and Toyota Industries Corp. In order to stay competitive in the market, these players adopt various strategies such as acquisitions, mergers, expansions, joint ventures, and product development and so forth. For instance, in April 2018, Toyota Industries Corp. launched their adjustable wheelbase forklift with the capacity of 6.5 ton to 36 ton. Moreover, in April 2018, The Raymond Corp. introduced Reach-Fork truck which can lift up-to 2 ton and can reach up to 540 tons.

Research Methodology

The market study of forklift is incorporated by extensive primary and secondary research conducted by a research team at OMR. Secondary research has been conducted to refine the available data to break down the market in various segments, derive total market size, market forecast, and growth rate. Different approaches have been worked on to derive the market value and market growth rate. Our team collects facts and data related to the market from different geography to provide a better regional outlook. In the report, the country-level analysis is provided by analyzing various regional players, regional tax laws and policies, consumer behavior, and macroeconomic factors. Numbers extracted from secondary research have been authenticated by conducting proper primary research. It includes tracking down key people from the industry and interviewing them to validate the data. This enables our analyst to derive the closest possible figures without any major deviations in the actual number. Our analysts try to contact as many executives, managers, key opinion leaders, and industry experts. Primary research brings the authenticity of our reports.

Secondary sources include–

Financial reports of companies involved in the marketWhitepapers, research-papers, and news blogsCompany websites and their product catalogThe report is intended to forklift and their spare parts designing, manufacturing and selling companies, e-commerce companies, government organization, venture capitalists for overall market analysis and competitive analysis. The report provides an in-depth analysis of market size and will serve as a source for 360-degree analysis of the market thoroughly delivering insights into the market for better business decisions.

Market Segmentation-

Global Forklift Market Research and Analysis by TypeGlobal Forklift Market Research and Analysis by ApplicationGlobal Forklift Market Research and Analysis by Region